Photo Credit – Alpha Insurance
Flood Insurance Facts and Misconceptions
Hello Spring!
If you have lived or spent any time in Florida, you are aware that spring brings us not just April showers but sometimes some heavy storms and hurricanes. They are unpredictable and some of them can cause serious flood damage to our homes and property. Therefore, looking into flood insurance is always a good idea. Not everyone thinks they need flood insurance, but if you are considering it; there are a few misconceptions to note.
Homeowner Insurance Policies
Typical home owner insurance policies do not cover flood insurance from storm damage. Often when shopping for quotes, you may see something that reads “for an additional $400 more, you can add additional flood insurance”. Please read the fine print on these ads as the flood insurance they are referring to is often for examples of additional coverage for things such as if a pipe bursts, a garbage disposal breaks or there is an overflow from a sink or tub causing damage. This usually does not cover flooding damage from severe weather events or ‘acts of God’. These issues are covered under a specific separate policy. So, make sure you discuss all the details with your provider and especially if you are in an area prone to flooding, make sure you discuss these options with your provider.
Only Flood Plains Properties Need Insurance
In actual fact, 25% of all flood claims are filled from clients living outside of these areas. In a recent article by the Florida Realtors®(read the full article here), they also added that many homeowners don’t realize that FEMA considers a 3” high water intrusion to likely cause enough damage to require dry wall and baseboard replacements. Here in Central Florida, just last year when Hurricane Ian hit, the flash flooding was extensive in areas that have never experienced flooding before. Unfortunately, a number of residents who thought they were ‘safe’, never purchased flood insurance policies and found themselves in a very unfortunate and expensive situation.
Insurance Can Only Help After Damage Has Occurred
This is one that not many folks know of. A number of insurance companies will provide discounts and reimbursements to clients who took steps to mitigate any possible damage before an incident even occurs. Such things as sand bags, tarping and pumps to mitigate flooding often fall under this category. Ask your provider to check into these options for you when getting quotes.
The weather is always changing. Take the time to explore all of your options. Your home is one of, if not the biggest investment and asset you have and it needs to be protected. If you would like to have help in finding a representative to work with you for your unique needs, please do not hesitate to ask. We have some trusted providers to help you.
Your friend and caring realtor,
Amber
P.S
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